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Waiting to buy? Don't depend on the market to become a homeowner

Posted on Wednesday, May 27, 2015 at 9:23:15 AM

The homeownership rate has slipped recently, according to the Census Bureau. While the spring and summer is typically the peak buying season, many Americans are waiting for the right time to get on board.

The bottom line is that trying to predict the housing market can be risky. Many homebuyers keep waiting for better conditions and lower residential financing rates, only for that time to never come. Instead, the much better option is to buy when the time is right for you, not for the market.

This means getting your own finances in order first and then looking for a property. In simple terms, there are two criteria you have to meet:

  1. A property you want
  2. Stable personal finances

Waiting for fewer buyers, a more favorable market, lower rates or other factors could mean your dream home slips by. In fact, the best way to get ready for homeownership is to prepare your finances. Save up as soon as possible and avoid amassing too much debt ahead of the home purchase.

Also, make sure you've paid off any outstanding bills and that your credit history is accurate. You want the best loan possible, and that is a smart way to get it.

While the spring and summer are considered the buying seasons, you don't have to base your decision off of these months. Look at your own situation first, then consider what they market is doing. This way, you'll be ready no matter what time that dream home comes along.